Rafael Holdings (RFL) Cash Flow: Operating & Free Cash Flow

Rafael Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Rafael Holdings, Inc. (RFL) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jul 2025	Oct 2024	Jul 2024	Jul 2023	Oct 2022	Jul 2022	Jul 2021	Jul 2020	Jul 2019	Jul 2018	Jul 2017
Operating Activities
Net Income	-30.64	-65.00	-65.00	0.00	-140.55	-142.38	-24.77	-10.42	-4.92	-12.08	0.14
Depreciation & Amortization	0.29	0.23	0.23	0.00	0.07	0.07	0.07	1.87	1.78	1.70	1.67
Deferred Income Tax	-0.17	0.00	-	0.94	0.00	-	0.01	0.01	-0.02	8.86	-0.30
Stock Based Compensation	2.12	2.30	2.30	2.19	-0.92	-0.92	6.63	0.00	0.37	0.00	0.00
Change in Working Capital	0.97	-0.61	-0.61	-0.09	-0.01	-0.01	-0.99	1.15	1.64	-0.79	-3.16
Change in Accounts Receivable	0.09	-0.29	-	-0.12	0.07	-	-0.16	0.25	-0.29	-0.02	-0.01
Change in Inventory	-0.01	0.00	-	0.00	0.00	-	0.00	0.00	1.32	-0.27	-2.75
Change in Accounts Payable	-0.92	-0.15	-0.01	-0.87	0.05	-0.02	0.30	0.71	0.53	-0.04	0.05
Change in Other Working Capital	1.81	-0.18	-0.32	0.00	-0.14	1.83	-0.83	0.19	0.08	-0.47	-0.46
Other Operating Activities	8.51	55.29	55.29	0.00	115.32	1.83	2.03	2.72	-0.87	0.10	0.11
Net Cash from Operating Activities	-18.92	-7.80	-7.80	-10.89	-26.08	-26.08	-15.60	-4.67	-3.13	-1.82	-1.62
Investing Activities
Capital Expenditures	0.00	-0.18	-0.14	51.68	0.00	0.00	0.04	-0.53	-0.40	-0.71	-1.82
Acquisitions	0.00	2.36	2.36	-5.10	0.00	-	-2.00	0.00	-55.87	0.86	0.00
Purchases of Investments	-16.99	-162.44	-162.44	-211.48	-65.31	-65.31	-11.12	-0.50	55.54	-0.15	-9.40
Sales/Maturities of Investments	80.69	156.17	156.17	186.52	28.50	28.50	0.00	0.00	25.03	6.67	0.00
Other Investing Activities	-19.67	-6.75	-13.78	-0.01	-26.99	-0.11	-18.62	0.00	-55.54	-1.70	-11.22
Net Cash from Investing Activities	44.04	-10.82	-10.82	21.21	-63.80	-63.80	-8.17	-1.03	-31.24	4.11	-11.22
Financing Activities
Debt Repayment	0.01	-0.80	-0.80	-0.02	0.00	-	0.00	0.00	18.34	0.00	0.00
Common Stock Issued	25.00	0.00	0.87	0.00	110.17	110.17	15.07	0.03	7.78	0.00	0.00
Common Stock Repurchased	0.00	-0.17	-0.30	0.00	0.00	-0.08	-0.19	0.00	0.00	0.00	0.00
Other Financing Activities	-0.22	0.79	0.93	-0.22	-6.30	-6.30	0.91	-0.13	12.55	1.75	22.26
Net Cash from Financing Activities	24.83	-0.18	-0.18	-0.02	103.86	103.86	30.30	-0.10	30.89	1.75	22.26
Summary
Effect of Forex Changes on Cash	0.15	-0.02	-0.02	0.00	-0.31	-0.31	0.12	-0.02	-0.30	0.00	0.00
Net Change in Cash	50.09	-18.82	-18.82	-5.04	13.68	13.68	6.65	-5.82	-3.78	4.05	9.42
Cash at Beginning of Period	2.68	21.50	21.50	26.54	12.85	12.85	6.21	12.02	15.80	11.76	2.34
Cash at End of Period	52.77	2.68	2.68	21.50	26.54	26.54	12.85	6.21	12.02	15.80	11.76
Free Cash Flow	-18.93	-7.98	-7.95	-0.01	-26.08	-26.08	-15.56	-5.20	-3.53	-2.53	-3.44

Source: Company financial statements from annual and quarterly filings. Data as of Apr 30, 2026. Data sources and methodology

Frequently Asked Questions About Rafael Holdings Cash Flow

What is Rafael Holdings's free cash flow?

Rafael Holdings had negative free cash flow of $18.93M in fiscal 2025 (fiscal year ended Jul 31, 2025), operating cash flow of −$18.92M minus $4.00K of capital expenditures.

How much does Rafael Holdings spend on capital expenditures?

Rafael Holdings spent $4.00K on capital expenditures in fiscal 2025, compared with $178.00K a year earlier.

Does Rafael Holdings pay dividends or buy back shares?

Rafael Holdings's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition